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Start-Ups

You Bought a Business... What Next?

By Garrett Spence   |    February 28, 2017   |    2:57 PM

 

Acquiring a business is exciting, but when you buy an existing one it may take some work to alter it so that you can implement your own ideas. Many people buy existing businesses and have great ideas as to how to re-vamp them. However, numerous small business owners will never see their ideas actualized, as they can't put those great ideas into practice. 

Here is how to succeed when implementing your new ideas into an existing enterprise.

1. Write down your ideas

It is easy to talk a good game. Talking, however, does not truly get you anywhere. If you really want to make a start at implementing your new idea and making your newly acquired business into a success, you need to actually formulate your plan into words. This way you can assess it properly and work out how you can do this practically. The document will also comprise a point of reference for the development of the existing business you just acquired.

2. Substantiate your idea

Business ideas always look sexy on paper, but to verify that they will work and that the existing business will benefit from a new direction you need to do some research. What you need to do, before you even try to implement your new idea is to see whether it will work, how it will work, whether there is a market for it and if so, the best way of going about it. You may need to hire external help, such as a market research team or a business strategist, to investigate how you can best implement and market your new idea.

3. Evaluate what you have acquired

When you buy an existing small business it usually comes with benefits and pitfalls. You might have inherited a hardworking group of staff, for example, or an excellent locale, or a niche group of established clients. On the other hand, you might have acquired a business in need of major improvements such as old equipment, that is in a declining industry sector or has low staff morale. Before you can implement anything new and hope to apply your new business ideas, you will need to evaluate what advantages you have and what disadvantages you have. You will need to fix the problems in place, whether it is firing or hiring staff, buying new equipment or altering the business's direction radically. On the other hand you should find ways of capitalizing on your strong points, such as retaining the loyalty of existing customers, leveraging the experience of existing, hard-working staff so that this meshes with your new plan and supports it.

4. Launch ASAP

Although there is a lot of homework to do before you can start, you should not dally too long before launching your new ideas. The longer you procrastinate the more likely you will make losses. You need to start generating capital as soon as possible. The true test of any idea is to actually implement it, that is the only way you can identify shortcomings, and potholes, so as to remedy them and optimize your operational efficiency to make your small business a success.